As oil spill costs hit $1.43B, BP says reserves are strong, can’t explain latest stock plunge

BP: Stock plunge unexplained, spill costs rise

HOUSTON — BP Plc insists it has strong financial reserves to deal with the continuing crisis from the blown-out well in the Gulf of Mexico, even as the costs from the spill grow.

The company said in a regulatory filing early Thursday that it has no idea why its stock plunged more than 15 percent the day before.

Investors have been dumping BP shares since the April 20 explosion aboard the Deepwater Horizon that killed 11 workers and has dumped tens of millions of gallons of oil into the sea. Wednesday’s stock slide was particularly big.

BP said it faces the situation as a strong company. It said that despite the crisis, it is generating significant cash flow.

In a separate filing Thursday, BP said the cost of its response to the oil spill has grown to $1.43 billion.